The Fed: Trump says he will nominate Herman Cain to Fed in move that provokes strong reaction

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Herman Cain speaks at a rally during his 2012 presidential campaign.

President Donald Trump said Thursday he will nominate Herman Cain, the former Republican presidential candidate, to a seat on the Federal Reserve Board, a move surprising Capitol Hill and alarming Fed watchers.

“I’ve recommended Herman Cain. He’s a terrific man,” Trump told reporters in the Oval Office.

“I think he would do very well” at the Fed, the president added. “He’s a very good guy.”

A report that Trump planned to nominate Cain was reported early Thursday morning by Axios.

Trump has previously said he will appoint former Wall Street Journal editorial writer Stephen Moore to the Fed, but the White House has yet to send the nomination to the Senate.

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